Nigeria approves 145 new oil wells so far this year

Nigeria's upstream oil regulator has approved ​145 new well-drilling operations, 595 well re-entries and ‌39 field development plans (FDPs) so far this year as it seeks to boost crude output, attract investment and strengthen ​energy security, a senior official said on ​Tuesday.

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) said ⁠the approvals reflected faster regulatory processing that has ​reduced project delays and costs for operators.

"Year to date, ​about 39 FDPs have been approved. About 145 new well-drilling approvals granted. Year to date, about 595 well re-entry approvals ​were granted," NUPRC Chief Executive Oritsemeyiwa Eyesan said ​at an oil conference in Lagos.

Eyesan, represented by Ahmad Abdullahi, ‌deputy ⁠director of basin administration, said faster approvals were helping operators advance projects needed to meet production targets and support energy availability.

She said Nigeria had more ​than 100 drilling ​rigs, with ⁠46 active this year, up more than 300% from 2021 levels.

Eyesan also said ​seismic companies had invested more than $100 ​million ⁠in Nigeria since the Petroleum Industry Act came into force three years ago, improving exploration data and supporting ⁠efforts ​to discover new oil and ​gas reserves.

The regulator is also working to curb crude theft across ​the country.

By Camillus Eboh, Reuters